HAMILTON, Bermuda (AP) _ Nabors Industries Ltd. (NBR) on Wednesday reported a loss of $149 million in its first quarter.
On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 52 cents. Losses, adjusted for non-recurring costs and to account for discontinued operations, came to 49 cents per share.
The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 34 cents per share.
The drilling contractor posted revenue of $562.6 million in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $569.6 million.
Nabors shares have dropped 28 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 7 percent. In the final minutes of trading on Wednesday, shares hit $11.74, a rise of 26 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NBR at https://www.zacks.com/ap/NBR
Keywords: Nabors Industries, Earnings Report